Logistics software company PSI is among the subsidiaries included in the receivership of failed B2C e-tailer eForce Group, the group’s receiver has confirmed.
But PricewaterhouseCoopers’ Richard Agnew says PSI is a going concern and is up for sale – and could be worth several million dollars.
Glenfield, Auckland-based PSI is an 11-year-old company headed by Bill Farmer, with subsidiaries in Australia and Hong Kong, and offices in Malaysia, China, Vietnam and Indonesia. PSI sources and imports products and has developed proprietary supply chain software.
PSI was bought by eForce Group last year and Farmer took over as eForce’s chief executive, replacing founder Mark Fulton. Farmer downsized the B2C operations to focus on PSI’s B2B activities, and had hoped to use PSI to help restructure eForce.
PWC receivers Agnew and David Davidson say eForce Group failed to put together a plan that was acceptable to its banker, HSBC.